Fabian has owned a vacant lot that he held for investment purposes in Nebraska for six years that he exchanges for an apartment building in the current year. The vacant lot has an adjusted basis of $550,00 and a fair market value of $800,000. The apartment building has an adjusted basis to the owner of $375,000 and a fair value of $775,000,and a mortgage attached of $350,000 which Fabian assumes. Fabian also receives cash of $50,000 in exchange for his land. Fabian's land had a mortgage attached of $325,00 and the mortgage was assumed by the other transferor.

a)What is Fabian's realized gain/loss?

Fabian's realized gain/loss is $________

b)What is Fabian's recognized gain/loss?

Fabian's recognized gain/loss is $_________

c)What is Fabian's basis in the apartment building?

Fabian's basis in the apartment building $__________

d)What is the holding period for Fabian in the apartment building?

His holding period in the apartment building received is (four/five/six) years because it includes in the holding period of the transferred lot.